As Mortgages PHB, a subsidiary of Bank PHB was launched over the weekend with a promise to bring a new lease of life to Nigeria’s fast growing mortgage banking industry, its Group Managing Director Mr. Ignatus G. Igbaka has called on the Federal Government to re-organise the Federal Mortgage Bank, since banks are in the best position to financial mortgage institution.

Mr. Igbaka who was represented during the launch by the banks managing Director/Chief Executive officer Mr. Bolaji Ogunsola said their transformation from Finacorp Building society to Mortgages PHB limited reflected their renewed commitment to continue to provide solution to housing problems in Nigeria through a well thought-out mortgage products, backed by the power of Bank PHB.

According to him, backed by 15 years of mortgage practice in Nigeria Mortgages PHB formerly known as Finacorp Building society is set to redefine standards in Mortgage Banking in Nigeria through solutions armed at restoring hope to every Nigeria seeking to have a roof over his head.

Said he: "Our enviable record in mortgage banking dating back to 1993 attests to our dogged determination to see as many Nigerians as possible fulfill their aspiration of owning a home of their own."
"Our enhanced operation under the PLC provide the comfort required to actualize our mission and satisfy the yearning of our teaming customers, he said.

Also speaking at the event Mr. Francis Aluche, said that Bank PHB is throwing its weight behind the new mortgages PHB because of the enormous potential in mortgage banking in Nigeria.
He stated that the bank recognizes the huge housing needs in Nigeria while mortgages PHB is their way of ensuring that the huge housing defiant in Nigeria is tackled in the most efficient way possible.
The Bank chief executive said that supremacy in the mortgage banking industry will be supported by the array of their innovative customer – centric products, a testament to the founding vision set in motion over 15 years ago.

The Sunday sun checks indicate that mortgage PHB has already lined up several mortgage products to meet the different mortgage finance needs of its customer.
These include, mortgage finance for purchase of compressed property, refinance of equity in existing houses and mortgage finance for properties under developer’s floor plan schemes.
Others include mortgage finance for purchase of shops and business offices, finance for advance rental payment for residential apartments.

It also includes mortgage finance under the National housing fund (NHF) scheme as well as wholesale construction finance to certified Estate Developers.
Mortgages PHB is well capitalised with a capital base in excess of a billion naira while plans are at an advanced stage to raise it to N5 billion soon. Bank PHB PLC, which is now the parent company, has a capital base of N250 billion, making it one of the most capitalized banks in Nigeria.